MetaMask introduces a new fiat purchase function for cryptocurrency

Key takeaways

MetaMask has introduced a new feature that allows users to purchase cryptocurrencies with fiat currencies.
The wallet wants to make it easier for users to purchase cryptocurrencies directly on its platform.
MetaMask has included payment options like debit or credit cards, PayPal, bank transfers and instant ACH.

MetaMask launches a fiat purchase feature

Cryptocurrency wallet and decentralised application (DApp) provider MetaMask announced on Monday, April 10th, that it had launched a new feature that would allow its users to purchase cryptocurrencies with fiat currencies directly from its Portfolio Dapp.

According to MetaMask, the move is designed to make it easier for users to purchase crypto with fiat currency.

MetaMask’s new “Buy Crypto” feature enables its users to buy numerous cryptocurrencies using various payment methods, including debit or credit cards, PayPal, bank transfers, and instant ACH (Automated Clearing House).

The wallet provider revealed that the service would be rolled out to users in 189 countries and will offer more than 90 tokens across eight networks, including Fantom, Celo, Ethereum, Arbitrum, BNBChain, Polygon, Optimism, and Avalanche.

MetaMask users would be required to connect their wallets to the Portfolio Dapp to click on the “Buy” button in the MetaMask extension wallet to access this feature. This will allow users to select their region, payment option, the token, and the network they want to purchase on.

MetaMask’s new feature works with location

According to MetaMask, the new feature takes into account various factors, like the user’s location and local regulations, to provide a customised payment quotation.

Users are then redirected to a third-party provider’s website to complete the transaction, and the funds are deposited directly into the user’s MetaMask wallet afterward.

MetaMask has been partnering with companies to make it easier for users to purchase cryptocurrencies. Last month, MetaMask partnered with MoonPay to enable direct crypto purchases in Nigeria.

Also in March, MetaMask Institutional partnered with Allnodes, Blockdaemon and Kiln to launch a staking service for institutional investors. Companies and institutional investors are able to access a wide range of staking services provided by ConsenSys Staking Allnodes, Blockdaemon and Kiln.